Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.69 CNY, reflecting a 13x PE for 2024 [2][4]. Core Insights - The company's revenue for the first half of 2024 was 16.24 billion CNY, a slight increase of 2.56% year-on-year, while the net profit attributable to shareholders decreased by 38.7% to 731 million CNY [1][2]. - Domestic cement operations are under pressure, but overseas performance continues to grow, with overseas cement revenue increasing by 55.41% year-on-year [1]. - Non-cement business revenue grew by 24.7% year-on-year, contributing significantly to overall performance [2]. Financial Performance Summary - The company reported a net profit of 731 million CNY for H1 2024, down 38.7% year-on-year, with a non-recurring net profit of 680 million CNY, down 41.88% [1]. - The cement business generated 8.67 billion CNY in revenue, a decline of 11.25% year-on-year, with domestic revenue falling by 31.57% and international revenue rising by 55.41% [1]. - The company sold 28.48 million tons of cement and clinker, a decrease of 4.9% year-on-year, while overseas sales increased by 47% [1]. Business Segment Performance - The non-cement segment achieved revenue of 7.57 billion CNY, with the aggregate business growing by 36.96% and concrete business by 24.21% [2]. - The gross margin for the non-cement business was 47.41%, reflecting a year-on-year increase of 2.29 percentage points [2]. - The overseas cement business accounted for 41.3% of total cement revenue, an increase of 17.7 percentage points year-on-year [1]. Future Outlook - The company is expanding its overseas operations, with several projects underway in Mozambique, Malawi, Zambia, and South Africa, expected to add significant production capacity [1]. - The report suggests that the non-cement and overseas business segments have promising growth prospects, supporting the long-term growth outlook for the company [2].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company achieved revenue growth against the trend, with cement prices declining putting pressure on profits. In the first half of 2024, the company reported operating revenue of 16.237 billion yuan, a year-on-year increase of 2.56%, while net profit attributable to shareholders fell by 38.74% to 731 million yuan [1][2] - Despite a significant decline in domestic cement demand, the company managed to increase its revenue, supported by growth in aggregate and concrete business, as well as overseas sales [2][3] - The overseas cement and clinker sales volume increased by 47.0% year-on-year, reaching 7.5976 million tons in the first half of 2024, contributing significantly to the company's performance [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a cement and clinker sales volume of 28.4844 million tons, a decrease of 4.9% year-on-year, with average selling prices dropping by 21.76 yuan/ton to 304.24 yuan/ton [1] - The overall gross margin decreased by 0.73 percentage points compared to the same period last year, standing at 24.38% [1] - The aggregate business revenue grew significantly, reaching 2.962 billion yuan, a year-on-year increase of 36.96%, while concrete business revenue was 3.943 billion yuan, up 24.21% year-on-year [1][2] Revenue Forecast - The company is expected to achieve operating revenues of 34.117 billion yuan, 37.384 billion yuan, and 39.187 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.874 billion yuan, 2.434 billion yuan, and 2.602 billion yuan [2][3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 11.9, 9.1, and 8.5 respectively, compared to the average valuation of comparable companies at 20.4 times P/E for 2024 [2][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 16.24 billion yuan in the first half of 2024, a year-on-year increase of 2.6%, while the net profit attributable to shareholders was 731 million yuan, a year-on-year decrease of 38.7% [2][8] - Domestic cement demand is under increasing pressure, but aggregate and overseas cement sales continue to contribute positively [2][8] - The company’s cement and clinker sales reached 28.48 million tons in the first half, a decrease of 5% year-on-year, with domestic and overseas sales at 20.89 million tons and 7.60 million tons, respectively, reflecting a year-on-year decline of 16% and an increase of 41% [2][8] - The company is expanding its overseas operations, with new production lines in Mozambique and Malawi expected to add approximately 3 million tons of clinker capacity annually [2][8] - The gross margin for the first half was 23.7%, only a slight decrease of 0.7 percentage points year-on-year, supported by the higher contribution from aggregates and overseas cement [2][8] - The company’s financial expenses increased due to foreign exchange losses amounting to 115 million yuan [2][8] - The overall industry is experiencing significant losses, with over 50% of companies in the sector reporting losses, but there are signs of self-discipline and improvement in the industry [2][8] - The company has adjusted its net profit forecasts for 2024-2026 to 2.11 billion, 2.56 billion, and 2.80 billion yuan, respectively, reflecting a downward adjustment due to unexpected declines in domestic cement demand [2][8] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is estimated at 35.09 billion yuan, with a year-on-year growth of 3.95% [2][8] - Net profit for 2024 is forecasted at 2.11 billion yuan, a decrease of 23.49% year-on-year [2][8] - The earnings per share (EPS) for 2024 is projected to be 1.02 yuan [2][8] Financial Metrics - The company’s total assets are projected to reach 71.89 billion yuan by 2024, with a debt-to-asset ratio of 51.18% [2][8] - The price-to-earnings (P/E) ratio is expected to be 10.53 for 2024 [2][8] Cash Flow and Capital Expenditure - The net cash flow from operating activities is expected to be 5.82 billion yuan in 2024 [9] - Capital expenditures are projected to be 6.63 billion yuan in 2024 [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.70 yuan [2]. Core Views - The company reported a revenue of 16.237 billion yuan for the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders decreased by 38.74% to 731 million yuan [1]. - Domestic cement business is under pressure, while overseas cement business continues to expand, with overseas sales increasing by 47% year-on-year [1]. - The "Cement+" business segment shows strong growth, with revenue reaching 6.904 billion yuan, a year-on-year increase of 29.38% [1]. - The company is focusing on overseas expansion and low-carbon initiatives to adapt to the slowing domestic real estate and infrastructure demand [1]. Summary by Sections Financial Performance - For 2024H1, the gross margin was 23.65%, a decrease of 0.73 percentage points year-on-year, and the net profit margin was 6.29%, down 2.24 percentage points [1]. - The company’s overseas business gross margin was 33.19%, significantly higher than the domestic margin of 20.78% [1]. - The company expects net profits attributable to shareholders to be 2.027 billion yuan, 2.181 billion yuan, and 2.352 billion yuan for 2024, 2025, and 2026 respectively [2]. Business Segments - Domestic cement demand remains weak, with a total national cement production of 850 million tons in 2024H1, a year-on-year decrease of 10.76% [1]. - The company’s cement and clinker sales were 28.4844 million tons, down 4.9% year-on-year, with domestic sales estimated to have decreased by around 16% [1]. - The "Cement+" business, which includes aggregates and concrete, achieved a sales volume of 71.5261 million tons, a year-on-year increase of 41.6% [1]. Cost and Expenses - The company’s financial expenses increased by 63.09% year-on-year to 400 million yuan, primarily due to increased foreign exchange losses [1]. - As of the end of 2024H1, accounts receivable amounted to 3.185 billion yuan, a year-on-year increase of 40.97%, mainly due to the expansion of the concrete business [1].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 16,237,373,654, representing a 2.56% increase compared to CNY 15,831,572,500 in the same period last year[15]. - Net profit attributable to shareholders decreased by 38.74% to CNY 730,553,374 from CNY 1,192,560,395 year-on-year[15]. - The net cash flow from operating activities was CNY 1,730,584,063, down 18.64% from CNY 2,127,167,281 in the previous year[15]. - The company's EBITDA for the reporting period was CNY 3,698,000,000, a decline of 1.88% year-on-year[15]. - Basic earnings per share decreased by 39.66% to CNY 0.35 from CNY 0.58 in the same period last year[16]. - The weighted average return on net assets fell to 2.49%, down 1.75 percentage points from 4.24% in the previous year[16]. - The company reported a net profit of CNY 316,453,435 from Huaxin Cement (Wuxue) Co., Ltd., with operating revenue of CNY 1,184,482,565[40]. - The total profit for the first half of 2024 was CNY 1,343,287,311, down from CNY 1,738,266,841 in the same period of 2023, a decrease of 22.73%[109]. - The company’s total comprehensive income for the first half of 2024 was CNY 1,107,518,927, compared to CNY 730,796,704 in the same period of 2023, reflecting a significant increase[113]. Asset and Liability Management - Total assets increased slightly by 0.25% to CNY 68,975,448,352 compared to CNY 68,800,268,263 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 0.85% to CNY 28,687,519,804 from CNY 28,932,949,847 at the end of the previous year[15]. - The total liabilities increased to CNY 35,992,702,978, up from CNY 35,505,385,821, reflecting a growth of approximately 1.37%[106]. - The company's interest-bearing debt increased from 5.517 billion RMB at the beginning of the reporting period to 6.237 billion RMB at the end, reflecting a year-on-year change of 13.05%[94]. - The current ratio decreased to 0.79 from 0.80, while the quick ratio fell to 0.58 from 0.60, indicating a slight decline in liquidity[102]. - The asset-liability ratio increased to 52.2%, up by 0.6 percentage points compared to the previous year[102]. Market and Operational Insights - The domestic cement market saw a 10.76% year-on-year decline in production, totaling 850 million tons, marking the lowest level since 2011[19]. - As of June 30, 2024, the company's cement production capacity reached 127 million tons per year, with cement sales accounting for 53% of total revenue[20]. - Cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.60 million tons[28]. - The company’s cement business revenue was CNY 8.67 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[28]. - The company operates in 17 provinces in China and 16 countries overseas, with a total of over 300 subsidiaries[20]. Environmental and Sustainability Efforts - The company is actively expanding its low-carbon product offerings, including ultra-high-performance concrete and new wall materials[23]. - The company utilized 2.20 million tons of alternative fuels, achieving a thermal substitution rate of 21.5% and reducing CO2 emissions by 1.20 million tons[30]. - The company is committed to promoting low-carbon cement products and optimizing production processes to reduce carbon emissions[60]. - The company strictly adhered to environmental regulations, with no penalties for exceeding pollutant discharge limits during the reporting period[51]. - The company conducted internal environmental audits to enhance pollution prevention measures and compliance with environmental laws[59]. Financial Strategy and Shareholder Engagement - The company did not distribute profits or increase capital reserves during the reporting period[3]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[47]. - Major shareholders include Hong Kong Central Clearing Limited with 734,719,919 shares and Holchin B.V. with 451,333,201 shares, indicating strong institutional support[76]. - The management team, including the CEO, increased their shareholdings, with the CEO acquiring an additional 156,800 shares during the reporting period[78]. - The company has not engaged in any share buyback activities during the reporting period, maintaining its current capital structure[76]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be cautious[4]. - The company faces risks from declining domestic cement demand and overcapacity, which may lead to performance declines[41]. - The company plans to enhance its competitive strength through supply-side structural reforms and green low-carbon development initiatives[42]. Research and Development - Research and development expenses increased to CNY 70,954,352, compared to CNY 58,342,983 in the previous year, marking a growth of 21.83%[109]. - The company is actively pursuing market expansion strategies, although specific new product launches were not detailed in the report[76]. Financial Reporting and Compliance - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial position and operating results as of June 30, 2024[124]. - The company has sufficient operating funds to cover operational needs and repay due debts, supporting the appropriateness of preparing financial statements on a going concern basis[122]. - Significant judgments and estimates are made in preparing financial statements, affecting the reported amounts of income, expenses, assets, and liabilities[185].

Investment Rating - The report assigns an "Accumulate" rating for the company [6] Core Views - The company's transformation strategy is showing results, with dual drivers from overseas expansion and aggregate business supporting performance through cycles [3][6] - Despite the downturn in the cement industry, the company maintains a cost-first approach, achieving a reduction in cement clinker costs and sustaining a gross margin above industry levels [3][4] - The company has significantly expanded its overseas operations, with a notable increase in production capacity and revenue contribution from international markets [4][6] - The aggregate business has become a major profit source, with high margins and rapid growth in production capacity [4][6] - The company is leading in green initiatives, focusing on energy saving and carbon reduction strategies [4][6] Summary by Sections Company Overview - Founded in 1907, the company has evolved from a local cement factory to a global building materials group, recognized as a top brand in China [11] - The company has a strong foreign investment background, with Holcim as the largest shareholder, aiding its international expansion [13][16] Cement Business - The company focuses on cost management in its domestic cement operations, maintaining a competitive edge in production capacity [31][33] - In 2023, the company achieved a revenue of 33.757 billion yuan, marking a 10.79% year-on-year increase, with net profit reaching 2.762 billion yuan, a 2.34% increase [23][24] Non-Cement Business - The aggregate segment has seen substantial growth, with production capacity reaching 277 million tons in 2023, making it a key profit contributor [4][26] - The concrete business has also expanded significantly, with production capacity increasing by 77.45% year-on-year [4][26] Financial Forecast and Investment Suggestions - The company is expected to achieve revenues of 34.933 billion, 37.967 billion, and 41.551 billion yuan from 2024 to 2026, with corresponding net profits of 2.913 billion, 3.192 billion, and 3.601 billion yuan [6][7] - The current stock price corresponds to a PE ratio of 9.57, 8.73, and 7.74 for the years 2024 to 2026, indicating potential for investment [6][7]

公司深度分析 2024 年 08 月 20 日 华新水泥(600801.SH) 老牌水泥龙头韧性十足，看好一体化布 局+海外发展 老牌水泥龙头多元布局，行业下行期逆势成长。公司作为老牌 水泥制造和销售企业发展历史超百年，2023 年以 7657.6 万吨熟 料总产能位列全国第四，国内水泥生产基地分布于湖北、湖南、 云南、重庆、四川、贵州、西藏、广东及河南等 9 省市，在华中 地区具备优势地位并成为西南地区的主要从业者，一体化布局和 海外发展战略助力公司逐步由国内单一的水泥供应商成长为国际 化综合型建材优质企业，并彰显强劲的经营韧性。2012-2023 年 公司营收/业绩 CAGR 为 8.65%/9.48%,2023 年国内水泥行业严重 承压，公司仍实现营收/业绩的同比正向增长，yoy+10.79%/2.34%， 其中骨料和混凝土业务营收同比高增 75.01%和 49.08%，海外业务 营收同比增长 29.99%。 深耕高毛利骨料增厚公司业绩，海外业务构筑长期盈利支撑。 近二十年，公司通过实施一体化发展战略，先后增加了商品混凝 土、骨料、水泥基高新建材的生产和销售，公司以湖北为核心沿 长江沿线布局中南和西南的 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-020 华新水泥股份有限公司董事会 本公司已于近日完成了华新水泥股份有限公司2024年面向专业投资者公开发行科 技创新公司债（第一期）（"本期债券"）的发行。 本期债券发行的基本情况如下： 本次债券发行有利于进一步拓宽公司融资渠道，优化融资结构，满足公司业务发展 的资金需求。 特此公告。 华新水泥股份有限公司 关于公司债发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华新水泥股份有限公司（"本公司"）2023年第二次临时股东大会已于2023年2月17 日审议通过了《关于公开发行公司债券的议案》。债券规模不超过人民币30亿元（含30 亿元），债券的期限为不超过5年，可以为单一期限品种，也可以是多种期限混合品种。 2024年8月15日 1、发行人：华新水泥股份有限公司 2、发行规模：人民币11亿元 3、债券期限： 5年期 4、票面利率：2.49% 5、付息方式：本期债券采用单利计息，付息频率为按年付息 6、募集资金用途：偿还到期债券 7、发行人主体评 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） *僅供識別 - 1 - 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二四年八月三十日 (星期五) 舉行董事會會議，以考慮及通過（包括其他事 項）本公司及其附屬公司截至二零二四年六月三十日止的六個月的中期業績。 承董事會命 主 席 中國湖北省武漢市 二零二四年八月十二日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生（副總裁）； 非執行董事徐永模先生（主席）、Martin Kriegner先生、羅志光先生及陳婷慧女士；獨立非執 行董事黃灌球先生、張繼平先生及江泓先生。 （股份代號：6655） ...

华新水泥股份有限公司 本期计划的资金来源为公司计提的激励对象 2024 年度长期激励薪酬 3918.03 万元。本期计划的股票来源为通过二级市场购买（包括大宗交易以及竞 价交易等方式）的公司 A 股普通股股票。截至 2024 年 7 月 31 日，本期计划已累 计买入公司 A 股股票 1,387,476 股，占公司总股本的 0.0667%，成交均价 13.94 元/股，成交总金额为 1,934 万元（不含交易费）。 证券代码：600801 证券简称：华新水泥 公告编号：2024-019 2023-2025 年核心员工持股计划之 第二期（2024 年）核心员工持股计划实施进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华新水泥股份有限公司（以下简称"公司"）分别于 2023 年 6 月 30 日、2023 年 7 月 20 日召开第十届董事会第二十六次会议、2023 年第三次临时股东大会审 议通过了《关于公司 2023-2025 年核心员工持股计划（草案）的议案》及其摘 要等相关议案，具体内容详见公司于 2023 ...